Best annual report - private sector 2014

There aren’t many annual reports that start with a blunt assessment of the difficulties faced by the business in the first half, and how that prompted a change in strategy in the second, but that is exactly what Russian potash producer Uralkali does in its integrated report and accounts 2013, entitled Maximising global opportunity.

It was a stance that impressed the judges, who commented on how well it set out the context of the business.

Both the chairman and chief executive’s statements offered comprehensive explanations about what went wrong and what remedial actions had been taken. The second integrated report produced by Uralkali, which is listed on both the London and Moscow stock exchanges, presents a clear and transparent story.

It first sets the scene, highlighting the challenges faced by the potash industry globally. It then explains how it has adapted, and its updated strategic goals. Finally, using charts, imagery and simple layouts, Uralkali explains its business model. Why is potash important? It is an irreplaceable nutrient for plants and agricultural crops, which plays a vital role as the global population expands and demand for food rises, explains the report in an easy-to-understand graphic.

And Uralkali’s ultimate mission is to increase crop yields to feed the world; this is emphasised with a die-cut of the word ‘maximising’ into the cover image of a corn field.

Key events are highlighted. Operational and financial results are clearly laid out, while a section on stakeholder engagement provides clearly easy to follow information on why different groups are important, areas of discussion and what steps are taken to facilitate this.

The report is produced in both English and Russian languages to ensure all audiences have access to relevant information and data. Uralkali is the only Russian mining company to issue an integrated report, and also developed and introduced a microsite to accompany it.

‘There were clear links for further information,’ said the judges. ‘This was a nicely designed report with great imagery.’